Under the TILA-RESPA Integrated Disclosure (TRID) rules, a lender may charge the borrower more than the Loan Estimate disclosed amount for which fee?
Why Third-party service fees for services the borrower may shop for, subject to a 10% aggregate tolerance Is Correct
Answer C: Third-party service fees for services the borrower may shop for, subject to a 10% aggregate tolerance
Exam Tip: Finance
Finance questions often involve calculations. Master the T-bar method, understand the difference between conventional and government-backed loans, and know key ratios like LTV and DTI.
Key Finance Terms in This Question
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Key Terms to Know
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Pre-ApprovalA lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
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